v3.24.3
Borrowings and Other Financing Instruments
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Borrowings and Other Financing Instruments
Short-Term Borrowings
Short-Term Debt — Xcel Energy Inc. and its utility subsidiaries meet their short-term liquidity requirements primarily through the issuance of commercial paper and borrowings under their credit facilities and term loan agreements.
Commercial paper and term loan borrowings outstanding for Xcel Energy:
(Amounts in Millions, Except Interest Rates)Three Months Ended Sept. 30, 2024Year Ended Dec. 31, 2023
Borrowing limit$3,550 $3,550 
Amount outstanding at period end95 785 
Average amount outstanding644 491 
Maximum amount outstanding1,080 1,241 
Weighted average interest rate, computed on a daily basis5.50 %5.12 %
Weighted average interest rate at period end5.21 5.52 
Letters of Credit — Xcel Energy Inc. and its utility subsidiaries use letters of credit, generally with terms of one year, to provide financial guarantees for certain obligations. There was $43 million and $44 million of letters of credit outstanding under the credit facilities at Sept. 30, 2024 and Dec. 31, 2023, respectively. Amounts approximate their fair value and are subject to fees.
Revolving Credit Facilities — In order to issue commercial paper, Xcel Energy Inc. and its utility subsidiaries must have revolving credit facilities equal to or greater than the commercial paper borrowing limits and cannot issue commercial paper exceeding available credit facility capacity. The lines of credit provide short-term financing in the form of notes payable to banks, letters of credit and back-up support for commercial paper borrowings.
As of Sept. 30, 2024, Xcel Energy Inc. and its utility subsidiaries had the following committed revolving credit facilities available:
(Millions of Dollars)
Credit Facility (a)
Drawn (b)
Available
Xcel Energy Inc.$1,500 $95 $1,405 
PSCo700 31 669 
NSP-Minnesota700 12 688 
SPS500 — 500 
NSP-Wisconsin150 — 150 
Total$3,550 $138 $3,412 
(a)Expires in September 2027.
(b)Includes outstanding commercial paper and letters of credit.
Xcel Energy Inc., NSP-Minnesota, PSCo, and SPS each have the right to request an extension of the credit facility termination date for two additional one-year periods. NSP-Wisconsin has the right to request an extension of the credit facility termination date for an additional one-year period. All extension requests are subject to majority bank group approval.
All credit facility bank borrowings, outstanding letters of credit and outstanding commercial paper reduce the available capacity of the credit facility. Xcel Energy Inc. and its utility subsidiaries had no direct advances on the credit facilities outstanding as of Sept. 30, 2024 and Dec. 31, 2023.
Bilateral Credit Agreement
In April 2024, NSP-Minnesota’s uncommitted bilateral credit agreement was renewed for an additional one-year term. The credit agreement is limited in use to support letters of credit.
As of Sept. 30, 2024, NSP-Minnesota had $70 million of outstanding letters of credit under the $75 million bilateral credit agreement.
Long-Term Borrowings and Other Financing Instruments
During the nine months ended Sept. 30, 2024, Xcel Energy Inc. and its utility subsidiaries issued the following:
•Xcel Energy Inc. issued $800 million of 5.50% Senior Unsecured Notes due March 15, 2034.
•NSP-Minnesota issued $700 million of 5.40% First Mortgage Bonds due March 15, 2054.
•PSCo issued $450 million of 5.35% First Mortgage Bonds due May 15, 2034 and $750 million of 5.75% First Mortgage Bonds due May 15, 2054.
•NSP-Wisconsin issued $400 million of 5.65% First Mortgage Bonds due June 15, 2054.
•SPS issued $600 million of 6.00% First Mortgage Bonds due June 1, 2054.
ATM Equity Offering — In October 2023, Xcel Energy Inc. filed a prospectus supplement under which it may sell up to $2.5 billion of its common stock through an ATM program. In 2023, Xcel Energy Inc. issued 3.12 million shares of common stock ($188 million in net proceeds and $2 million in transaction fees paid). In the nine months ended Sept. 30, 2024, 18.27 million shares ($1.1 billion in net proceeds and $9 million in transaction fees paid) were issued under the ATM program. As of Sept. 30, 2024, approximately $1.2 billion remained available for sale under the ATM program.
Equity through DRIP and Benefits Program — Xcel Energy issued $50 million and $78 million of equity through the DRIP and benefits programs during the nine months ended Sept. 30, 2024 and 2023, respectively. The programs allow shareholders to reinvest their dividends directly in Xcel Energy Inc. common stock.